In this analysis, You will Read about Staking goBTC and goETH in Algorand Network. AlgoMint launches reward programs with multiple protocols throughout the Algorand ecosystem so we want to understand where is the best place to stake goBTC and goETH to earn rewards? Let’s look at where other wallets are staking their goETH and goBTC to get an understanding of where we should stake ours. Look at items such as mint and burn actions over time as well as the amount of goBTC and goETH being staked over time to help us determine where the most popular place to stake your goETH and goBTC

• All data in this analysis is from May 1st, 2022.

What Will You Read?

What is goBTC and goETH?

goBTC and goETH are fully collateralized with native BTC and ETH, giving BTC and ETH the full power of the Algorand blockchain including its carbon neutrality. For each goBTC issued a carbon credit is also issued to neutralize its previous carbon footprint.

Method

In order to find stake and unstake activities, I used App Algorand.application_call_transaction table. We are looking for stake and unstake. So Extract tx message and set these parameters:

• folks finance:
• • deposit: TRY_BASE64_DECODE_STRING(tx_message :txn :apaa [0] :: STRING) = 'd'
• • redeem: TRY_BASE64_DECODE_STRING(tx_message :txn :apaa [0] :: STRING) = 'r'

• tinyman:
• • TRY_BASE64_DECODE_STRING(tx_message:txn:apaa[0]::STRING) = 'mint'
• • TRY_BASE64_DECODE_STRING(tx_message:txn:apaa[0]::STRING) = 'burn'

• pact.fi
• • TRY_BASE64_DECODE_STRING(tx_message :txn :apaa [0] :: STRING) = 'ADDLIQ'
• • TRY_BASE64_DECODE_STRING(tx_message :txn :apaa [0] :: STRING) = 'REMLIQ'

• Algo.fi Algofi naming and tx message are different from other platforms. I rather set the receiver and sender addresses of pools. If the sender was app id then Burn and when the receiver was app id then Mint.

• • Also, I found the app id of these pools in their documents.

Pact LPs Algo/goBTC Algo/goETH

AlgoFi LPs goETH/STBL goBTC/STBL

Tinyman LPs ALGO/goBTC Algo/goETH

Folks Finance Deposit goBTC goETH

Daily Mints and Burn (Stake & Unstake)

The below chart shows the total daily mints of goBTC and goETH since May 2022 per Platforms. As you can see, More users used Algofi until April 1st. After that Pctfi took its place. The growth of Pactfi was faster than the others. Algofi became more unpopular among the others. Total mints on Tinyman and Folks on some days were higher than Algofi. So we can conclude right now, Users prefer to stake their goBTC and goETH on Pactfi instead of Algofi, Tinyman, or Folks.

The below chart proves the theory that Algofi became unpopular during the time. More users are unstaking their goBTC and goETH from Algofi. Other platforms had normal activities.

According to the below chart, Pactfi's slope of growth was super fast in comparison to Tiny, Folks, and Algofi. Tinyman goBTC and goETH pools were hacked in January. Users can't trust these pools but the below chart shows Tinyman users are growing and it seems users are using Tinyman to stake their goBTC and goETH more than before.

Growth in this chart is not good. It means more users unstaked their goBTC and goETH during the period. So According to this chart, Algofi losing its users to other platforms. The other activities are the same and normal.

In my opinion, Amount could not be a good metric to identify POPULAR pools or platforms. Because a whale can change every number. But the number of mints can identify popularity. The below chart shows until April 8th, the Total daily amount of mints on Algofi was higher than the others. But after that more and more volume came to other pools. I can't pick one of them and say this is the most popular pool to stake your goETH and goBTC. Because each day has its own popularity.

This chart shows the total amount of Burn of goBTC and goETH from May 1st, 2022.

As you can see in the previous charts, Until the beginning of April, Most activities were on Algofi. Maybe staking goBTC and goETH wasn't exist on some of these platforms. But we have two choices in the below chart. 1. Ignore Algofi 2. Calculate with Algofi.

• • I chose the first one in my definition but showed the second one.

Pactfi Algo/goBTC LP is the most popular pool to stake goBTC and goETH. Before that, If we calculate with Algofi, both pools of Algofi were popular.

• • The below chart shows the share of pools from staking goBTC and goETH.

This is a chart that you can compare to the previous one. The most unstaked amount from a pool was goETH/STBL and after that goBTC/STBL.

Thank You for Reading

Written by Hess

where discord_id: hess#0890

and

twitter_id: @hessaminanloo